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India's corporate bond market, valued at 47 trillion rupees ($559 billion), remains one of the smallest globally relative to its GDP, at just 16%, despite the country being the fastest-growing major economy. This limitation poses challenges for financing ambitious infrastructure projects, with spending expected to reach 110 trillion rupees ($1.3 trillion) from 2023 to 2027, a 70% increase from previous years. Regulatory barriers, particularly restrictions on long-term investments by insurers and pension funds in lower-rated bonds, hinder market expansion. Recent measures by the Securities and Exchange Board of India aim to enhance liquidity and encourage retail participation, yet companies still rely heavily on bank loans, which constitute about 28% of GDP. Experts advocate for a reevaluation of investment rules to stimulate bond market growth, which is essential for diversifying credit risks and aligning with the country's development goals. 
Published: Oct 18 2024, 12 pmeznews.inKarnataka's Minister of Information Technology and Biotechnology, Priyank Kharge, has outlined the state's ambition to become a global leader in deep tech, emphasizing that deep tech innovation will be a key focus in the upcoming state budget. Speaking at NASSCOM’s Future Forge 2024 event, Kharge highlighted the establishment of specialized facilities to support deep tech startups, which currently number over 250 and attracted $1.5 billion in investments last year, creating nearly 10,000 jobs. He called for collaboration among industry bodies like KDEM, KITS, and NASSCOM to create a deep tech innovation cluster in Bengaluru. Kharge also stressed the importance of developing a supportive regulatory framework and announced the NIPUNA program, a ₹300 crore initiative aimed at skilling talent in emerging technologies. He reaffirmed Karnataka's commitment to leading in the deep tech sector, stating, "We are not competing with other states...Karnataka will be at the top of the pyramid."
Published: Oct 18 2024, 5 pmeznews.inThe ongoing tensions in West Asia, particularly the Iran-Israel conflict, have significantly impacted the Kochi Tea auction market, leading to a marked decline in overseas orders. Exporters report a slowdown in buying over the past fortnight, with many international buyers hesitant to commit due to fears of delayed payments and rising freight costs. Iran and Iraq, key markets for South Indian tea, have been particularly affected, contributing to a drop in beverage prices. Dipak Shah, chairman of the South India Tea Exporters Association, noted that high tea prices—up by 60% in recent months—and excessive crop arrivals due to rains have further exacerbated the situation, affecting tea quality and export orders. In the latest auction, only 74% of the 379,653 kg of orthodox leaves offered were sold, with average prices falling by ₹16 to ₹185 per kg, while CTC dust prices also saw declines.
Published: Oct 18 2024, 4 pmeznews.inIndia is facing significant challenges in increasing its crude oil imports from Brazil, despite efforts to diversify its sources amid rising tensions in the Middle East. Intense competition from discounted Russian crude and logistical hurdles are constraining India's ability to boost Brazilian crude purchases, which have been subdued this year. Data from S&P Global indicates that Indian imports from Brazil peaked at 41,600 barrels per day in April 2024, a stark contrast to 143,000 b/d in December 2023. Russian sour Urals dominate the Indian market, comprising 42% of total imports, while Iraq and Saudi Arabia follow as major suppliers. Indian Oil Minister Hardeep Singh Puri recently visited Brazil to explore collaboration in offshore exploration and production, as Indian companies, previously focused on Russia and Venezuela, are now more open to investing in Brazil's deepwater projects, with production expected to rise significantly by 2028.
Published: Oct 18 2024, 4 pmeznews.inRoadway Solutions India Infra Ltd (RSIIL) has secured a Letter of Acceptance from the Maharashtra State Road Development Corporation (MSRDC) for two significant infrastructure projects: the Pune Ring Road and the Jalna-Nanded Expressway, valued at ₹4,700 crores. The Pune Ring Road aims to improve connectivity within the Pune metropolitan area, addressing rising traffic demands and fostering regional economic growth. This project is anticipated to reduce travel times and enhance commuter safety. Meanwhile, the Jalna-Nanded Expressway will streamline transportation between these key cities, boosting trade and accessibility in Maharashtra. With these new projects, RSIIL's order book has exceeded ₹10,000 crores, highlighting the company's proficiency in managing large-scale infrastructure initiatives. Ameet H Gadhoke, Managing Director of RSIIL, expressed enthusiasm for the projects, emphasizing the company's commitment to high-quality infrastructure solutions and sustainable practices in India's transportation network.
Published: Oct 18 2024, 4 pmeznews.inThe All India Coordinated Research Project on Spices (AICRPS) has unveiled seven new high-yielding spice varieties, including Karan Dhaniya-1 (Coriander) and IISR Surya (Turmeric), during its 35th Annual Group Meeting at Chaudhary Charan Singh Haryana Agricultural University. These varieties, which also include Jodhpur Jeera-1 and CAZRI Cumin-1 (Cumin), Gujarat Fennel-13 (Fennel), RMt-259 (Fenugreek), and SAS-KEVU (Ginger), are expected to enhance productivity and resilience for farmers facing changing agricultural conditions. The meeting, organized by AICRP under the Indian Institute of Spices Research, also introduced five innovative technologies aimed at improving spice cultivation, such as seed rhizome priming with Trichoderma for ginger and turmeric. These advancements are set to bolster India's position in the global spice market, ensuring sustainable growth for both farmers and the industry, according to a press release.
Published: Oct 18 2024, 1 pmeznews.inAs the UN-ESCAP emphasizes the urgent need for targeted funding to combat poverty and protect livelihoods in disaster-prone regions, the upcoming COP 29 in Baku, Azerbaijan, is seen as a pivotal opportunity. Sanjay Srivastava, Chief of Disaster Risk Reduction at UN-ESCAP, highlighted the vulnerability of small and marginal farmers in South Asia, particularly in the Kosi and Gandak river basins, which frequently experience devastating floods exacerbated by climate change. A recent study indicates that rising temperatures could significantly impact agricultural systems, making the region a "climate crisis hotspot." The implementation of transformative adaptation measures, such as the Digital Agriculture Mission in India, aims to enhance resilience through innovation and digital infrastructure. This initiative includes the creation of a 'Farmer ID' to empower farmers and improve access to essential services, ultimately addressing the challenges posed by climate-induced loss and damage in agri-food systems.
Published: Oct 18 2024, 1 pmeznews.inExperts at the ongoing International Millets Conference in Hyderabad emphasize the need to sustain the momentum generated by last year's International Year of Millets. Raj Bhandari from the National Technical Board on Nutrition highlighted millets as a nutrient-rich alternative to industrial food fortification, addressing global nutritional deficiencies amid declining agricultural productivity. With projections indicating a 20% drop in productivity by 2050, millets are seen as a viable solution to feed a projected 9.2 billion people. Sagar Hanuman Singh, Director-General of the National Institute of Plant Health Management, noted the potential for expanding millet exports beyond Africa and the Middle East to markets in Europe, the US, and Southeast Asia. Experts also called for addressing production barriers and promoting regional food habits to make millet cultivation more profitable, underscoring the importance of consumer choice in dietary options.
Published: Oct 18 2024, 8 ameznews.inUnion Minister for Finance and Corporate Affairs, Nirmala Sitharaman, emphasized the need for collaboration between India and Mexico during the Tech Leaders Roundtable in Guadalajara, focusing on sectors such as artificial intelligence, agriculture, and healthcare. She advocated for responsible capitalism to ensure equitable growth, highlighting Mexico's success in nearshoring and its potential for talent exchange. Sitharaman announced the establishment of Centres of Excellence in India, particularly in AI and sustainable development, which align with Mexico's interests. Her visit includes a bilateral meeting with Mexico's Finance Minister Rogelio Ramirez de la O and participation in the India-Mexico Trade and Investment Summit, aimed at attracting foreign investment. Following her Mexico trip, she will attend key international meetings in the USA, including the IMF and World Bank Annual Meetings, and engage with academic institutions and industry leaders to discuss global economic challenges and opportunities.
Published: Oct 18 2024, 7 ameznews.inThe Union Labour Ministry of India is set to launch a module for enrolling platform workers on the eShram portal on Monday, as part of its efforts to establish a social security policy for gig workers by February 2025. This policy aims to provide unique IDs for gig workers and create a mechanism for social security contributions based on platform transactions. A committee is finalizing the draft, which will clarify the relationship between gig workers and employers, including employer contributions. Additionally, the Labour Ministry has approved the indefinite extension of benefits under the Employees’ Deposit Linked Insurance Scheme (EDLI) from April 28, 2024, ensuring continued insurance coverage for employees. Labour Secretary Sumita Dawra has also initiated a review of welfare measures for unorganised workers, directing the development of guidelines to align various welfare schemes with different worker categories.
Published: Oct 17 2024, 9 pm
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